| Schedule of Notes Payable |
Notes payable as of September 30, 2025 and December 31, 2024, consists of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stated Interest Rate | Effective Interest Rates | | Maturities | | September 30, 2025 | | December 31, 2024 | Convertible Notes: | | | | | | | | | | 2031 Convertible Notes | —% | 0.4% | | 2031 | | 625,000 | | | 625,000 | | | 2029 Convertible Notes | 3.0% | 3.7% | | 2029 | | 460,000 | | | 460,000 | | Equipment and Settlement: | | | | | | | | | | Bremer loan | 5.5% | 5.5% | | 2027 | | — | | | 10,669 | | | Didado note | 5.0% | 15.0% | | 2027 | | — | | | 8,964 | | | HMC note | 5.0% | 15.0% | | 2026 | | — | | | 9,042 | | | Harper note | 5.0% | 15.0% | | 2026 | | — | | | 3,119 | | | Trilogy note | 5.0% | 15.0% | | 2026 | | — | | | 2,107 | | Other: | | | | | | | | | | ACM note | —% | 15.0% | | 2025 | | 621 | | | 3,023 | | | Other | 7.1% - 7.7% | 7.1% - 7.7% | | 2025 | | — | | | 129 | | Notes payable | | | | | | 1,085,621 | | | 1,122,053 | | Less: Unamortized discounts | | | | | 25,993 | | | 31,773 | | | Total notes payable, net | | | | | | 1,059,628 | | | 1,090,280 | | Less: current portion1 | | | | | | 621 | | | 16,290 | | Convertible and other notes payable, net of current portion | | | | | | $ | 1,059,007 | | | $ | 1,073,990 | |
1 The current portion is included in Customer funding receivable and other current assets on the consolidated balance sheet. |
| Schedule of Convertible Notes |
Interest expense on the 2029 Convertible Notes and 2031 Convertible Notes (together “Convertible Notes”) was as follows (in thousands): | | | | | | | | | | | | | Three Months Ended September 30, 2025 | | Nine Months Ended September 30, 2025 | Coupon interest | $ | 3,450 | | | $ | 10,350 | | Amortization of debt discount and issuance costs | 1,311 | | | 3,912 | | Total | $ | 4,761 | | | $ | 14,262 | |
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| Schedule of Maturities of Long-Term Debt |
Maturities on convertible and other notes payable, gross of unamortized discounts, are as follows (in thousands): | | | | | | | | | | | | | Convertible Notes | | Other Notes Payable | Remaining 2025 | $ | — | | | $ | 621 | | 2026 | — | | | — | | 2027 | — | | | — | | 2028 | — | | | — | | 2029 | 460,000 | | | — | | Thereafter | 625,000 | | | — | | Total | $ | 1,085,000 | | | $ | 621 | |
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